health

Health insurers post huge stock price gains in expectation of financial windfall from Obamacare

Wednesday, December 04, 2013 by: J. D. Heyes
Tags: health insurance companies, Obamacare, stock prices

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(NaturalNews) Just how many deals with the devil did American companies and businesses make in order to ensure that they came out on top when Obamacare was fully implemented?

Well, the answer is - dozens.

We already knew that the nation's premier senior citizens organization, the AARP, sold its soul - and sold out its members - to Obamacare:

We now know, thanks to an investigative report by the House Energy and Commerce Committee, that opposition among AARP's own membership was even more overwhelming. An e-mail from AARP lobbyists Nora Super to White House staffer Lauren Aronson on July 23, 2009 said: "We really need to talk. Our calls against reform are coming in 14 to one."

Why did AARP ignore the overwhelming opposition among seniors, calls from their own members running 14-1 against, and emotional town hall confrontations all over the country?

Money.

AARP is in the business of selling insurance, and their offerings were uniquely well-positioned to benefit from the bill, because the steep cuts to Medicare Advantage would force beneficiaries into traditional fee-for-service Medicare, making them potential customers for AARP's Medigap policies.


In fact, a House Ways and Means Committee investigative report found: "The Democrats' health care law, which AARP strongly endorsed, could result in a windfall for AARP that exceeds over $1 billion during the next 10 years."

The sky's the limit when you have to purchase a product

Now, it appears, Big Insurance is lining up at the Obamacare (read taxpayer-funded) trough.

Breitbart News notes that despite the fact that the law is "highly unpopular" with Americans - tens of millions of who are getting hosed by the law or are about to within the coming year - the healthcare industry nonetheless shoveled more than $22.4 million to Obama's 2008 campaign and is now "posting record profits amid the fallout."

More from the news site:

So far in 2013, the S&P healthcare sector index has gained 37.5%, making it the S&P 500's best-performing sector, reports Reuters.

"Healthcare is the place to be. It's a hot area," said U.S. Global Investors Inc. top trader Michael Matousek. "People want stocks in healthcare, industrials and consumer discretionary. That's where tactical investors have been focused, and that's where the money has been flowing."

And why not? When you mandate that Americans have to purchase a particular good or service, why wouldn't stock prices for that particular industry rise? So no matter if the law is terrible public policy and a drag on Americans' bottom line, hey, as long as the nation can be made to subsidize key industries, meaning Uncle Sam gets to pick winners and losers, what the hell, right?

And Obama is no crony capitalist? Sure.

There's a difference between capitalism and crony capitalism

The situation has prompted CATO health policy analyst Michael Tanner to observe that what is bad for citizens has become a boondoggle for insurance companies.

"Customers aren't doing well but the insurers are doing great," Tanner told CNBC. "Insurers by and large are getting new customers."

Because that's the law, don't you know?

Among the insurers enjoying record gains: Aetna, Cigna, UnitedHealth and Gilead. All of these companies have been trading at near one-year highs. In fact, according to CNBC, Gilead stocks are up nearly 200 percent since Obamacare was enacted. Amgen is up more than 90 percent. Biogen has done even better - gains of more than 300 percent.

"Prior to Obamacare's enactment, Obama received a staggering $22,471,562 in campaign donations from the healthcare industry during the 2008 election cycle, a haul nearly three times greater than his Republican challenger," Breitbart New reported. "Whether this fact will complicate Obama and Democrats' desire to blame the healthcare industry for Obamacare's woes remains to be seen."

Meanwhile, the people continue to get hosed by a government-corporate oligarchy that has long since put profit over what's good for the people.

Capitalism built America. Crony capitalism is destroying it.

Sources:

http://www.breitbart.com

http://www.foxnews.com

http://www.opensecrets.org

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